Belgian biopharmaceutical research and developer Galapagos has announced the terms of its public offering of American Depositary Shares (ADS).

The company is looking to raise up to USD 337.50 million through the issue of 3.75 million stocks at USD 90.00 apiece.

Galapagos’ ADS are listed on the Nasdaq Global Select Market under the ticker symbol GLPG and its ordinary stocks trade on Euronext Amsterdam and Brussels.

The firm has granted Morgan Stanley an overallotment option to purchase up to an additional 562,500 units.

Proceeds from the offering will be used for research and development purposes.

Completion is expected later this week, subject to a number of customary closing conditions.

Mechelen-headquartered Galapagos is a clinical-stage biotechnology company, which is focused on the development and commercialisation of novel medicines.

The firm, which was founded in 1999, has around 510 employees and operations across the Netherlands, France and Croatia.

Galapagos posted revenue of EUR 151.61 million in the 12 months ended 31st December 2016, a significant increase on EUR 60.58 million in the previous year.

Net profit totalled EUR 54.01 million for the period, compared to a loss of EUR 118.41 million in FY 2015.

Galapagos raised EUR 4.03 million in a cash call earlier this month and has also been the target of a takeover offer by Gilead Sciences; however, the firm has noted that no talks are in progress and it’s in the company's best interests to stay independent.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 16 deals targeting Belgium-based businesses in the biotechnology research and development sector announced worldwide so far in 2017.

The largest of these was Van Herk Investments’ EUR 33.37 million minority stake investment in Ablynx in January.

Other companies targeted in the industry include Octimet Oncology and Quality Assistance.